New forces transforming future of Chinese economy, says report

Liang Guoyong, economic affairs officer at the Investment and Enterprise Division of United Nations Conference on Trade and Development (UNCTAD) and also a guest senior researcher from the Center for China and Globalization (CCG), released a report titled Global Change and Chinese Wisdom: 40th Anniversary of Chinese Reform and Opening-up: Review, Anticipation and Advice at CCG headquarters in Beijing on February 2. This report mainly analyzed the global significance of Chinese economic system and development mode, the global influence of Chinese economic transformation and upgrading and China’s key role in the globalization process and the reform of global governance system.

The report indicated that China has accomplished an unprecedented development miracle through its reform and opening-up during the past four decades. “The success of China’s reform and opening-up mainly lies in finding a suitable path,” Liang Guoyong said. “Also, based on the past 40 years of reform and opening-up, we should emphasize the significance of foreign investment in the Chinese economy and the contribution of foreign capital to the Chinese economy.”

The report also showed that new forces of transformation are shaping the future of Chinese economy, bringing about massive spillover effects across the world. Since the global financial crisis in 2008, China has gradually become one of the pillars of globalization, global economic governance and a worldwide economic recovery. Meanwhile, in the future, China will face the opportunities and challenges of deepening reform and opening-up, optimizing development models and upgrading economic transformation.

Liang Guoyong proposed a “Growth Platform” suggesting that “slow growth, accelerated transformation, crisis averted and sustainable development” can be seen as the long-term strategic choices for China’s economic development. “The development of China’s economy should strive to realize the transition from emphasizing speed and quantity to emphasizing structure and quality in future,” he said.

Xu Hongcai, professor and director of Information Department of China Center for International Economic Exchanges (CCIEE) and non-resident senior fellow of CCG, said that this report is meaningful for the 40th anniversary of the reform and opening-up and has implications for China’s development over the next 40 years and beyond. “It is of great significance for the outside world to understand China, eliminate prejudice and improve China’s soft power.”

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